Per IIA Standards, internal audit functions are required to evaluate and contribute to the improvement of their organizations’ governance, risk management, and control processes.
a. Provide several examples of governance responsibilities an internal audit function can assume.
b. Describe 1) the risk management activities that are appropriate for an internal audit function to perform and 2) the risk management activities an internal audit function should avoid.
c. Internal audit functions are responsible for evaluating the design adequacy and operating effectiveness of controls. Discuss the areas of control that fall within the scope of internal auditors’ evaluation responsibilities.